Iron Pellets manufacturers in Odisha raised offers two weeks back when Shah commission was probing illegal mining in the state of Odisha, which hampered supply of iron ore as no new permissions were granted.
Higher Pellets prices are not generating any buying interest as sponge iron prices have corrected in the range of Rs 300-500 per tonne in last few days.
Market sources are of the view that pellet manufacturers based in Odisha have rolled back prices to previous levels at Rs 8,400- 8,500/MT ($150-155/MT Loaded to Wagons, Barbil excluding VAT and Excise of 12.36 %).
With sponge iron prices looking weak, chances are high that the market could see some more correction in Pellet prices.
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